INVEST IN THE HUNTER: DUAL OCCUPANCY OPPORTUNITIES
The Hunter Valley continues to invite a lot of interest from all levels of property investment; from young families through to professional property developers one of the most requested developments in the Hunter is dual occupancies. This is why…
The perfect property storm for regional Australia
The recent Sydney and Melbourne housing boom pushed first home buyers and young families to explore more affordable lifestyle opportunities further afield, and took them to regional centres with solid career opportunities just like Newcastle and the Hunter Valley. In-turn this created a steady demand for home ownership and properties to rent in regional areas.
In addition to that, the current decline in the Sydney market means investors are also driven to investigate better value development options in regional markets that offer better returns on investment. This situation means both buyers and investors are choosing to spend their money in places like Newcastle and the Hunter Valley, which is why the land values and property prices are faring very well in this current market.
Looking beyond Newcastle for property investment
Newcastle city offers a variety of employment prospects for a number of industries and can provide a coastal lifestyle with great access to first class amenities, all with a substantially smaller price-tag than that of Sydney. But while Newcastle continues to be a relatively stable and appealing property market, ideal for developments attracting sales or tenants, there is a nearby property player starting to make even bigger moves.
Through added infrastructure, such as the Hunter Expressway, economic opportunities through the growth of regional tourism, the wine industry, mining, and agriculture, plus luxurious lifestyles due to lower overheads and more affordable land values, the Hunter Valley is set to be one of Australia’s big regional performers.
Dual occupancies in the Hunter Valley
It is definitely hard to deny the appeal that the Hunter Valley holds when you compare value for money on similar investments in city-based locations, particularly when the demand from families and first-homebuyers is steadily growing and land prices are holding their own. Basically, dual occupancies are a flexible and stable investment, which is why dual occupancies are the developer’s go-to for new home builders.
Many existing Hunter Valley homes are on a large block of land, as well as there being many generous size empty blocks available, which is why dual occupancies are so ideal. That is, buyers are attracted to new home affordability, and investors appreciate the relatively low risk investment that increases equity in the land for sale or rent, as well as provide opportunities to develop ongoing income streams.
Council resources for dual occupancies
There are a number of regional councils that make up the Hunter area, including Cessnock, Maitland, Dungog, Port Stephens, and nearby Newcastle. Each council has different processes and development requirements, that as local dual occupancy builders, we are very familiar with. Cessnock city council has some very helpful fact-sheets available to download: Urban dual occupancy, Rural dual occupancy, and Subdivision of rural land. Or on the Port Stephens Council website it states, “Dual occupancies can be subdivided where the resulting allotments meet the minimum lot sizes for the zone under the Local Environmental Plan 2013.”
Detailed information such as this, which relates to regulations, highlights how important it is to know your local council requirements. As your local dual occupancy experts we can help you wade through all of the facts.
Dual occupancy vs Dual dwelling
Maitland City Council also services areas of the Hunter and its website has a variety of online forms and brief supportive information regarding DA Applications too, but another big question we get from clients after visiting council websites such as this is, “What is the difference between dual occupancy and dual dwelling properties?” Well, basically a dual dwelling refers to a small structure built in addition to the primary home, often referred to as a ‘granny flat’ or ‘studio/retreat’.
Dual dwellings or granny flats are standalone buildings and are usually self-contained with a small kitchen and bathroom, and usually have one or two bedrooms. But these structures must comply with size restrictions and as such must not exceed a set square meterage. Depending on your local council this is about 60m2 floor space. A dual dwelling is not as large as a standalone home, as is the case with a dual occupancy, and generally is not fit to sub divide.
Hunter Valley dual occupancy builders
Valley Homes have a lot of regionally specific dual occupancy information to share. Simply phone 02 49341400 or email email@example.com and our specialist team will answer all of your dual occupancy questions.
We also have a range of articles outlining the benefits of building a dual occupancy. So, please have a read: